Rental companies buy up used cars as chip crisis deepens
The demand is sending used-car costs soaring. The Manheim Index, which measures prices at wholesale auctions, shows that they’re 52% higher than they were a year ago.
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COVID once spared the young, but more are now being hospitalized
Faster-spreading variants of COVID-19 are sending more younger people to the hospital. Fatalities remain low, but doctors say the virus is now making the young sicker, some gravely.
Target to spend $2 billion with Black-owned companies
The cheap-chic retailer will also add products from more than 500 Black-owned companies across its aisles and help Black vendors expand their sales in big-box retail.
COVID mutants multiply as scientists race to decode variations
A key mystery plumbed early-on by top scientists has been what type of virus the coronavirus will prove to be. So far, it looks more similar to influenza, which shape-shifts all the time and requires annual revaccination, than it does measles.
U.S. forges ahead on $1 billion tariff plan over digital taxes
Goods entering the U.S.—ranging from Austrian grand pianos and British merry-go-rounds to Turkish Kilim rugs and Italian anchovies—could face tariffs of as much as 25% annually.
U.S. manufacturing surges most since 1983, underscoring rebound
All but one of 18 manufacturing industries reported growth in March, led by textiles, electrical equipment and appliances, machinery and computers and electronic products.
Biden to reveal major spending plan that calls for revamp of tax code
President Joe Biden has made clear his plans will include tax-policy changes to help fund what aides have laid out as a roughly $3 trillion long-term program.
Chip shortages force more cuts at North American auto plants
Consultant AlixPartners has said the global chip shortage could cost automakers $61 billion in lost sales this year. The recent setbacks could further delay an expected second-quarter recovery in output.
Survey: Bosses clueless that workers are miserable, looking to leave
The data found burnout is widespread—54% of workers said they are overworked and 39% said exhausted.
Stores that defined American malls bet on freestanding future
Retailers are abandoning enclosed malls in growing numbers as the rise of online shopping transforms the industry—a trend that has accelerated during the coronavirus pandemic.
Amazon jumps into health care with telemedicine initiative
The tech giant announced it will immediately expand Amazon Care to interested employers in Washington state. By the summer, it will expand nationally to all Amazon workers and to private employers across the country who want to join.
Lilly’s Alzheimer’s drug shows modest benefit in mid-stage trial
Eli Lilly and Co. on Saturday morning presented highly anticipated details from a mid-stage study showing that its experimental drug slowed Alzheimer’s disease progression over about 18 months.
Dow, S&P 500 shake off slow start, reach new highs
Another climb in bond yields helped pull money out of Big Tech companies, which have started to look expensive after months of soaring through the pandemic.
Lilly stock poised for record if Alzheimer’s drug results shine
Indianapolis-based Eli Lilly and Co. is set to report results from a trial of its experimental Alzheimer’s medicine on Saturday in a move that could boost shares of the year’s already best-performing big drugmaker.
More records for stock indexes as stimulus bill becomes law
The S&P 500, the Dow Jones industrial average and the Russell 2000 measure of small-company stocks all closed at record levels on Thursday.
Nasdaq makes biggest jump since November as Big Tech surges
Gains for major tech companies powered a 3.7% surge in the Nasdaq on Tuesday, the largest jump for the index in months.
Dirt-cheap flights offered as airlines rebuild battered networks
Airlines worldwide cut $1 billion of expenses a day last year to cope with the slump in passengers, and that’s given them some wiggle room to lower ticket prices.
Wall Street finishes mixed as tech slump offsets other gains
Tech shares tumbled anew on Monday, sending the Nasdaq composite index down 11% from its all-time high, as investors fled high-valuation stocks for companies whose fortunes are closely tied to the economic cycle.
Business travel misses out on recovery
The Global Business Travel Association estimates that worldwide spending on commercial travel won’t recover to its pre-pandemic peak of $1.4 trillion until 2025.
S&P 500 has best day since June as stocks rally on Wall Street
The 2.4% jump in the benchmark index Monday followed back-to-back weekly losses and came as investors were relieved to see long-term interest rates easing lower in the bond market.